reports
- Iyad KhalidÊGhulam
Saudi Airlines Catering: Q3 22 Results Analysis | Highest revenue and ...
Catering reported a strong set of Q3 22 results, with the net profit increasing SAR71.2mn compared to SAR15.4mn in Q3 21 (15.4% yoy) and SAR43.5mn in Q2 22 (+43.5% qoq). This is higher than the SNB Capital and consensus estimates of a profit of SAR46.3mn and SAR48.8mn, respectively. We believe the positive variance in earnings is mainly driven by higher-than-expected revenue, which increased by 51.1% yoy (+21.4% qoq) to SAR502mn vs our estimates of SAR448mn, due to gradual resumption of fligh...
- Iyad KhalidÊGhulam
Saudi Airlines Catering: Profits rise with increase in business operat...
Catering reported a net profit of SAR43.5mn in Q2 22, vs net loss of SAR17.4mn in Q2 21 and net profit of SAR35.3mn in Q1 22 (+23.2% qoq). This is lower than the SNB Capital and consensus estimates of a profit of SAR50mn and SAR48mn respectively. We believe the variance is mainly due to lower-than-expected revenue, partially offset by lower-than-expected opex. The accumulated losses at the end of Q2 22 stood at SAR115mn (14.0% of the share capital) * Revenues stood at SAR413mn, up 60.8% yoy ...
- Iyad KhalidÊGhulam
Saudi Airlines Catering: Profits rise with increase in business operat...
Catering reported a net profit of SAR43.5mn in Q2 22, vs net loss of SAR17.4mn in Q2 21 and net profit of SAR35.3mn in Q1 22 (+23.2% qoq). This is lower than the SNB Capital and consensus estimates of a profit of SAR50mn and SAR48mn respectively. We believe the variance is mainly due to lower-than-expected revenue, partially offset by lower-than-expected opex. The accumulated losses at the end of Q2 22 stood at SAR115mn (14.0% of the share capital) * Revenues stood at SAR413mn, up 60.8% yoy ...
- Iyad KhalidÊGhulam
Saudi Arabia: Lower airport charges, positive for tourism sector
SUMMARY: According to Bloomberg, GACA will reduce airport charges by 35% on major airports (Riyadh, Jeddah and Dammam) starting this year. Airports have the flexibility to reduce the rates further, which we believe can drive growth. We believe the reduction in rates will increase the competitiveness of Saudi airports and will lead to higher traffic, supporting the growth prospects of Tourism stocks such as SGS, Catering and Seera. KEY POINTS: * According to Bloomberg, GACA announced to reduc...
A double requalification allows SAUDI AIRLINES CATERING to improve to ...
SAUDI AIRLINES CATERING (SA), a company active in the Transportation Services industry, has received a double requalification by the independent financial analyst theScreener. Its fundamental valuation is now 3 out of 4 stars while its market behaviour can be considered as defensive. theScreener believes that the gain of a star(s) and an improvement in the market risk perception allows upgrading the general evaluation to Slightly Positive. As of the analysis date March 15, 2022, the closing pric...
- Iyad KhalidÊGhulam
Saudi Airlines Catering: Profits after 5 consecutive quarterly losses
Catering reported a net profit of SAR15mn in Q3 21, vs a net loss of SAR106mn in Q3 20 and a net loss of SAR17mn in Q2 21. We highlight that the company turned profitable after five consecutive quarters of net losses. This compares to the SNB Capital and consensus estimates of a loss of SAR1.0mn and net profit of SAR5mn, respectively. Sales increased 115% yoy (29.2% qoq) to SAR332mn, broadly in line with our estimates. We believe the growth is driven by easing COVID-19 restrictions. We believ...
- Iyad KhalidÊGhulam
Catering: Reduced losses in Q2 21
Catering reported a net loss of SAR17mn in Q2 21, lower than the SNB Capital and consensus estimates of a loss of SAR24mn and SAR18mn, respectively. This compares to a net loss of SAR144mn in Q2 20 and net loss of SAR30mn in Q1 21. This is the fifth consecutive quarterly net loss for Catering, mainly attributed to the impact of COVID-19 on the aviation industry. The accumulated losses of Catering at the end of Q2 21 stood at SAR253.4mn representing 30.9% of the share capital. * Revenues stoo...
- Iyad KhalidÊGhulam
Catering: Q2 20 results – first net loss on record due to COVID-19
Catering reported an in-line set of Q2 20 results, with a net loss of SAR144mn. This compares to a net profit of SAR117mn in Q2 19 and SAR16mn in Q1 20. This is the first net loss on record, mainly attributed to the impact of COVID-19 lockdown on the aviation sector. The company recorded an account receivable provision of cSAR32.1mn. Adjusting for that, net loss would be SAR111.7mn. Revenues stood at SAR113mn, down -79.2% yoy (-75.0% qoq). This is the lowest revenues on record, but higher tha...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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